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IDFC First Home Loan Balance Transfer

Home Loan Transfer to IDFC First Bank: Details

Last Updated 09th Nov 2021

Interest Rate6.90%
Processing Fee₹ 10,000
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • IDFC First Bank offers a home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • You can transfer your home loan to IDFC First Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from IDFC First Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IDFC First Home Loan Transfer

IDFC First, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to IDFC First Bank at the lowest interest rates. To transfer your housing loan to IDFC First Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of IDFC First.

IDFC First Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to IDFC First Bank, compare and calculate all the costs of loan transfer. The table below mentions IDFC First Bank home loan transfer interest rate and other home loan transfer charges of IDFC First Bank.

IDFC First Home Loan Transfer Rates 6.90%
Processing Fees Minimum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of IDFC First Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: IDFC First Bank offers lower home loan rates starting at 6.90% along with ₹ 10,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to IDFC First Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of IDFC First Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this IDFC First Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for IDFC First Bank Home Loan Transfer

To transfer your home loan to IDFC First Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for IDFC First.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to IDFC First Bank.
  • You must be an Indian resident within the age criteria of IDFC First Bank. The minimum & maximum age to avail a IDFC First Bank home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use IDFC First Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to IDFC First Bank

The home loan balance transfer process to IDFC First Bank is smooth and quick. To transfer your existing home loan to IDFC First Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to IDFC First Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to IDFC First Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • IDFC First Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to IDFC First Bank will be completed.

Document Required for IDFC First Home Loan Transfer

To avail of home loan balance transfer from IDFC First, you need to submit the following documents to IDFC First.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to IDFC First?

Yes, transferring your home loan to IDFC First Bank is a good idea for home loan borrowers as IDFC First Bank provides lower home loan rates starting at 6.90%, and minimal processing fee Of ₹ 10,000.

How can I transfer my IDFC First home loan from one branch to another?

To transfer your IDFC First Bank home loan from one branch to another, you can request through net banking/mobile banking. IDFC First Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for IDFC First home loan balance transfer?

Yes, IDFC First Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a IDFC First home loan balance transfer?

If you apply for a home loan transfer to IDFC First Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my IDFC First Bank home loan balance transfer?

To know your IDFC First Bank home loan status, you can call IDFC First Bank home loan customer care number or visit IDFC First official website to check the status.


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IDFC First Home Loan News - Nov 2021
  • 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
    Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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